Evaluate the Logarithm Using the Change of Base Formula

question 79

Multiple Choice

Evaluate the logarithm using the change of base formula. Round to 3 decimal places.

• A)2.468
• B)2.921
• C)11.060
• D)5.684
• E)0.342

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Definitions:

Under Production

A situation where less is produced than could be achieved with the available resources, often leading to inefficiencies and unmet demand.

Consumer Surplus

The gap between the price consumers are prepared to pay for a product or service and the actual amount they spend on it.

Market Price

The market rate for buying or selling an asset or service in a public trading environment.

Producer Surplus

The gap between the minimum amount sellers are prepared to accept for a product or service and the actual payment they get.